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Greetings!
Thank you for taking time from your busy schedule to peruse the Trade Update; it is published on the first Wednesday of every month.
It is our goal to deliver you with a concise synopsis of important trade news from the preceding month. As time and schedules permit, we will also publish one or two featured articles each month.
The Trade Update is usually published on the first Wednesday of every month and next month we will return to our normal schedule.
It is our goal to deliver you with a concise synopsis of important trade news from the preceding month. As time and schedules permit, we will also publish one or two featured articles each month.
The number of trade professionals reading this publication continues to grow with every issue. If you enjoy this newsletter please consider sharing it with your colleagues. Simply click on the "Forward to a Friend" icon found at the bottom of this page. Thank you for helping us grow our readership.
As always, the Trade Innovations Team welcomes your ideas, questions, or suggestions. We can be reached by e-mail at info@tradeinnovations.com.
Sincerely,
The Trade Innovations Team
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 Trade News Briefs Relevant News for Trade Professionals
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CBP Announces New ISF Capabilities
U.S. Customs & Border Protection (CBP) has announced that on July 13, 2011, they deployed some new enhancements and capabilities for Importers Security Filing (ISF) filers and Automated Commercial Environment (ACE) Accounts. The new enhancements
include:
- Importers now have access through ACE to the ISF progress reports that have to date only been available via email subscription.
- These ISF progress reports, previously available only to importers, are now also available via ACE to ISF filers and sureties.
- Importers who file 12 or fewer ISF transactions per year will now be able to file and track their ISF transactions directly via the ACE portal, without the need to file via the Electronic Data Interchange (EDI).
ACE will continue to deliver additional, valuable ISF capabilities. The following capabilities are planned for delivery later in 2011:
- Capability to query the status of an ISF transaction by transaction number and by bill of lading number, an
- Capability for Customs-Trade Partnership Against Terrorism (C-TPAT) Tier 3 importers to query individual ISF transactions
OIG Issues Report on Efficacy of CBP's Bonding Process
On July 27, 2011, the Office of the Inspector General (OIG) issued a  report titled "Efficacy of Customs and Border Protection's Bonding Audit Report Process". The report found that although CBP has strong controls over continuous bonds, it does not have adequate controls over the single transaction bond process, and its method for determining and applying single transaction bonds is ineffective. (more follows)
To read the entire article or get an Adobe copy of the OIG report please follow this link: OIG Report on CBP Bonding Process
SEC Issues $16M FCPA Penalty
On July 27th the Securities and Exchange Commission (SEC) announced that one of the largest beverage companies in the world will pay $16 million for Foreign Corrupt Practices Act (FCPA) violations. According to the FCPA complaint the liquor company engaged in several years of brides and illicit payments to foreign officials in India, Thailand, and Korea. (more follows)
To read the entire article or get an Adobe copy of the SEC Notice please follow this link: SEC Issues $16M FCPA Penalty
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About Us
Trade Innovations offers its clients a number of time tested, practical, and most importantly compliant solutions for managing the intricacies of global trade. Our portfolio of satisfied customers includes Fortune 50 companies and also includes many small and medium sized (SME's) companies.
We have some clients who want to be on the bleeding and leading edge of technology and processes; as well as those who just want to run in the middle of the pack compliantly and efficiently. Whether you're preparing for a Focused Assessment (FA), applying for Importer's Self Assessment (ISA), the subject of a Quick Response Audit (QRA), or simply want to know how your program stacks up against industry best practices, Trade Innovations can customize a comprehensive review for you.
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The Family Playstation: The Next Great Threat By Kelby Woodard
With the historic debates over our nation's debt this month you may have missed the latest threat involving our global supply chain. It comes as no surprise that the electronics that fuel our personal and professional productivity are laced with foreign made components. The fact that software could be and has been used to spread security threats is not news either. The game changing story would be if the hardware we are importing were compromised with security threats that have the real potential to disrupt our way of life. Imagine memory chips, RFID tags, internal computer components, (or your kids' gaming system for that matter) embedded with malware or spyware entering our electronics supply chain. The loss of trust and the amount of information that could be compromised is staggering. A threat with grave consequences, but is it far-fetched? (more follows)
To read the entire article or get an Adobe copy please follow this link: The Family Playstation - Next Great Threat
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Legislative Hanging Chads
By Michael Laden
Perhaps now that all of the political wrangling on the looming debt crisis is behind us our Congressional leaders can take up some important trade measures pending before them. In addition to considering Free Trade Agreements (FTA) with Korea, Columbia and Panama; Congress must also work through the Trade Adjustment Assistance (TAA) act, renew the Generalized System of Preferences (GSP) and take up Customs Reauthorization.
The three FTA's and the TAA are currently bundled together in the same piece of legislation. However on July 19, 2011, twelve Republican Senators sent a letter to The President urging that the FTA and TAA be separated, subjecting the TAA to an individual up or down vote. For a copy of the letter from Congress please follow this link: FTA-TAA Letter to President Obama. As this went to press the White House had not responded to the Senator's request. (much more follows)
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